The Ministry of Commerce has reported a significant 52% growth in commercial registrations in the Jazan area in the past five years, now totaling over 55,000.
Abdul Salam Al Manea, Deputy Minister of Commerce for Commercial Affairs, highlighted at the Jazan Investment Forum that Jazan is the seventh-largest region in Saudi Arabia in terms of the number of commercial registrations. This increase is attributed to various burgeoning sectors, buoyed by an influx of commercial and investment projects in the area.
Mr. Al Manea emphasized the commerce ecosystem's pivotal role in evolving legislation, leading to the creation and implementation of over 70 new laws. He underscored the new Companies Law's impact in invigorating the commercial and investment climate, making it easier to establish commercial entities. He also mentioned four forthcoming laws aimed at bolstering trust in the commercial sector: the Consumer Protection Law, the Commercial Registration Law, the Trade Names Law, and the Commercial Transactions Law.
Additionally, he pointed out the incentives and support available for small and medium-sized enterprises (SMEs) in Jazan. The Kafalah SME Loan Guarantee Program has already facilitated over 417 million riyals in financing for SMEs. Entrepreneurs and businesses in the region are benefiting from a suite of services provided by the General Authority for Small and Medium Enterprises, ranging from franchising and consultancy to various support programs aimed at fostering a robust entrepreneurial ecosystem in Jazan.